Demonetisation in India has brought many alternate options to bring out the cashless economy. Now, India is moving from paper transactions to paperless transactions. Among the many services available to make a transaction, five types of options are available for the user to use based on his discretion.

Point of Sale (PoS) using credit or debit cards: requires a bank account

USSD mobile banking: requires a bank account and a basic phone without internet

Aadhaar enabled payment system (AEPS): requires a bank account linked with Aadhaar and a smartphone with the AEPS app

Basic Requirements to Start Using a Wallet:

Summary

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About Praveen PenugondaHave interests in multiple aspects and write articles on Technology, Lifestyle and Finance. Tracking developments since the launch of Nokia 1100 and completion of Human Genome Project